Casanare’s administrative court ruled against Parex Resources (TSX: PXT) over a project in Llanos 29 and the firm says it will contest the decision, even though it has no interest in continuing the project.
Ecopetrol (NYSE: EC) announced that it has found oil in the municipality of Rionegro (Santander). The company said that the well has a strategic position, suggesting more is to come.
The Colombian government already identified 43 blocks apt for using unconventional techniques. This has caused major controversy among environmentalists in the country.
The government and authorities have been working to boost offshore exploration in Colombia and the sector is ready to start activities this year. The companies have their plans ready; only some regulations are missing.
The most difficult years seem to be over. The industry is preparing to reactive investments And Ecopetrol (NYSE: EC) is not the exception. The company has defined a strategy to increase its reserves.
The commitment to increase reserves is giving its first results. Ecopetrol (NYSE:EC) recent announcement of exploration´s results in the Colombian Caribbean boosted perspectives for this year.
Colombia is not an oil-country but has the potential to be self-sustaining in the medium and long term, according to a study of the Geo Sciences Department of the National University. Carlos Alberto Vargas Jiménez led this research.
Colombian authorities are betting on offshore projects to cover at least part of the natural gas supply gap in next decade. Several companies have shown interest in this kind of project in Colombian waters.
Colombia is optimistic about increasing its production offshore. Ecopetrol (NYSE: EC) announced that it will start drilling an offshore well in the second quarter of this year. The NOC becomes the first Colombian oil-company to carry out an offshore hydrocarbon project on its own.
The Colombian Petroleum Association (ACP) hopes to see a rebound in the sector in 2017 after concluding a negative year in 2016 which saw a steep fall in prices, lower production, investment and exploration.
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